SEBI bans IIFL from taking on new clients for two years

New Delhi, June 20

SEBI on Monday barred brokerage house IIFL Securities, earlier known as India Infoline Ltd, from onboarding new clients for two years for misutilisation of client funds. The order came after the SEBI conducted multiple inspections of the books of account of IIFL for the period April 2011 to January 2017.

In its probe, SEBI found that IIFL has misused the funds of its credit balance clients for settlement of its proprietary trades as well as the trades of its debit balance clients from April 2011 to June 2014, and the said violations were again noticed during March 2017 inspection for the period of FY16 and FY17.

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